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If you are looking to build wealth, start with visualizing a savings goal with a specific price tag. Then form a financial plan and determine exactly where you want your money to go. There are no shortcuts when it comes to finance, and life in general.
You will never achieve financial success, if you spend more than you earn. In fact, this is the number one reason why people fail financially, because anything else you do after that will be determined by the amount that is left after making savings on your income.
I am certain you and I can agree that if anyone is to achieve financial independence it is common sense that you must spend less than you make. There is no hope of success for the person who does not have a central purpose, or definite goal, at which to aim.
Below we have revealed 7 major causes of financial failure that has held many of us back from getting rich:
1. Lack of Ambition: You have to aim above mediocrity, We offer no hope for the person who is unwilling to get ahead in life, and who is not willing to pay the price. Wealth doesn't simply appear. You have to work toward it with patience and persistence.
A good starting point is to invest your money, the earlier the better, and let the power of compound interest build your wealth. It doesn't take much time or effort, but it does require action on your part.
2. Lack of Knowledge: Make the attempt to read about financial affairs and wealth building strategies, Many financial perspectives will help you decide the best course of action for your financial matters. When you get to the point of where you think you know it all, or you are not open minded to expand your financial horizons to increase your current condition, you are destined for failure and financial stagnation.
Many people don’t know where to go for unbiased life and financial advice, so they do nothing. To do nothing is the worst move to make. You should always seek advancement through knowledge.
The effect of these causes is financial failure. You could never grow by doing the same things or worst doing nothing. To yield great rewards, never be afraid to step outside your traditional way of doing things! move away from your comfort zone. With an open mind, always seek knowledge of a better way of doing things.
3. Opinion: The majority of people who fail to accumulate money sufficient for their needs because they are easily influenced by the “opinion” of others. Close friends and relatives , not meaning to do so but they often “handicap” one through discouraging and negative "opinions”.
Thousands of men and women will carry inferiority complexes with them all through their life because some well meaning but “ignorant” person destroyed their confidence and dreams through discouraging or negative “opinions”. You have a brain and mind of your own, Use it and reach your decisions.
4. Procrastination: one of the most common causes of failure some of us go through in life is because we are waiting for the "Right Time" to start doing something worthwhile. Do not wait. The time will never be Right. Start where you stand, and work with whatever tools you may have at your command, and better tools will be found as you go along.
If you want to build wealth, start today. Pick up a personal finance book, listen to a podcast about money management, form a financial plan, or Save on Opay - OWealth to gain 10% interest on your Owealth investment savings.
5. Lack of Self Discipline: Discipline comes through self-control, This means that one must control all negative qualities. Before you can control conditions, you must first control yourself ... If you do not conquer yourself, you will be conquered by self.
When it comes to getting rich, the most basic formula is, save more, spend less. It's a simple concept, but spending less requires discipline. Learn to recognize and manage overspending triggers if you want to start accumulating wealth.
6. Lack of persistence: Most of us are good 'starters' but poor 'finishers' of everything we begin. People are prone to give up at the first signs of defeat. Don't stop until you get what you want.
The most successful people tend to have dealt with, and overcome, failure. It doesn't matter how many times you failed, You only have to be right once.
7. Not Taking Risk: The person who takes no chances generally has to take whatever is left when others are through choosing, "Over-caution is as bad as under-caution. Both are extremes to be guarded against. Life itself is filled with the element of chance."
When it comes to managing your money, it can be tempting to let your savings sit "safely" in your bank account to avoid feeling repercussions from another stock market crash.
However, investing your money is how you will make more of it. You will want to do so wisely, of course, and a good starting point is to look into low-cost index funds.
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